v3.26.3
SEGMENT INFORMATION
 9 Months Ended
Sep. 30, 2026
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATION
The Company identifies a business as an operating segment if (i) it engages in business activities from which it may earn revenues and incur expenses; (ii) its operating results are regularly reviewed by the Company’s President and Chief Executive Officer (who is the Company’s Chief Operating Decision Maker (“CODM”)) to make decisions about resources to be allocated to the segment and assess its performance; and (iii) it has available discrete financial information.
The Company has one reportable segment. The segment is evaluated regularly on a consolidated basis by the Company’s CODM in assessing performance and allocating resources. The Company’s CODM uses net income and adjusted operating profit to allocate resources during the annual budgeting and forecasting process and to assess the Company’s performance. Refer to our Consolidated Statements of Operations for net income and significant segment expenses. Adjusted operating profit is defined as operating profit before depreciation and amortization, severance, multiemployer pension plan withdrawal costs and special items. Adjusted operating profit is presented below, along with a reconciliation to income before income taxes. Asset information is not a measure of performance used by the Company’s CODM. Accordingly, we have not disclosed asset information.
The following table presents segment information with respect to the Company’s single operating segment for the third quarters and nine months ended September 30, 2026, and September 30, 2025:
For the Quarters EndedFor the Nine Months Ended
(In thousands)September 30, 2026September 30, 2025September 30, 2026September 30, 2025
Revenues
Subscription$547,517 $494,630 $1,602,268 $1,440,307 
Advertising142,573 132,291 418,520 374,341 
Affiliate, licensing and other78,448 73,900 222,441 207,956 
Total revenues$768,538 $700,821 $2,243,229 $2,022,604 
Less:
Cost of revenue (excluding depreciation and amortization)$373,466 $349,075 $1,104,243 $1,022,491 
Sales and marketing89,542 79,577 252,314 214,701 
Product development72,279 66,989 212,822 197,468 
Adjusted general and administrative(1)
83,615 73,796 250,978 230,087 
Total adjusted operating profit$149,636 $131,384 $422,872 $357,857 
Less:
Other components of net periodic benefit costs3,637 4,640 10,856 13,917 
Depreciation and amortization21,145 21,341 62,831 64,115 
Severance1,800 1,600 4,351 5,207 
Multiemployer pension plan withdrawal costs967 1,244 3,272 3,811 
Generative AI Litigation Costs3,786 2,411 12,626 10,298 
Multiemployer pension plan liability adjustments— — 9,219 4,453 
Add:
Interest income and other, net11,578 7,851 33,695 27,575 
Income before income taxes$129,879 $107,999 $353,412 $283,631 
(1)Excludes severance and multiemployer pension plan withdrawal costs.